Chesnara PLC, a leading name in the insurance sector, has unveiled its financial outcomes for the year 2023, marking a period of exceptional performance. The company's success was fueled by enhanced cash generation, a fortified solvency ratio, and consistent dividend growth. In a detailed discussion with Proactive's Stephen Gunnion, Steve Murray, Chesnara's CEO, shed light on the company's milestones, including generating £53 million in commercial cash, a clear indicator of its financial robustness and operational effectiveness.
The solvency ratio, a critical measure of financial health, reached an unprecedented 205% in 2023, the highest in Chesnara's two-decade history. This achievement not only demonstrates the company's financial resilience but also equips it to better withstand market fluctuations. Murray also pointed to Chesnara's strategic endeavors in exploring new business avenues, which contributed £10 million to its revenue, alongside the completion of two acquisitions, further enhancing its market position.
Reflecting its dedication to rewarding shareholders, Chesnara announced a 3% increase in its full-year dividend to 23.97 pence per share. This decision extends the company's impressive 19-year streak of dividend growth, signaling confidence in its ongoing and future financial health. With a focus on operational efficiencies, especially in cost control, and a strong financial foundation, including £140 million in available cash and credit facilities, Chesnara is poised to pursue further acquisitions and growth opportunities in a stabilizing operational environment.
